Propylene prices in Asia marched higher last week. Bullish upstream crude and naphtha values, helped sellers to raise their prices higher across the Asian region.

Reports of improved buying trends and firmer downstream PP rates further supported the price gain.

On Friday, FOB Korea prices of propylene were assessed up at the USD 1065/mt levels, a week on week spike of USD 25/mt. CFR China prices were higher at the USD 1095/mt levels, up USD 15/mt from the previous week.

CFR Taiwan prices were at the USD 1100/mt levels, a week on week increase of USD 15/mt. CFR South East Asia prices were at the USD 985/mt levels, a sharp rise of USD 25/mt on the week.

In plant news, Mitsubishi Chemical has shut its naphtha cracker for a maintenance turnaround on May 9, 2018. The cracker is expected to remain under maintenance until July 3, 2018 . Located at Kashima in Japan, the cracker has an ethylene production capacity of 540,000 mt/year and a propylene capacity of 260,000 mt/year.